Virginia Will See Changes To Workers Compensation Rates In 2013

Law in the state of Virginia requires all employers to ensure that all workers have a safe and healthy environment in which to do their jobs. For most employers, this means purchasing Richmond Workers’ Compensation insurance to cover the costs if an employee is injured on the job.

According to an article published in the Insurance Journal recently though, the organization that set the price for such insurance, the Virginia state Corporation Commission, has announced that rates to purchase Virginia Workers’ Compensation insurance would be changing in 2013.

The voluntary market loss costs for the industrial industry is set to go down by 5.7 percent, while the assigned risk rates in the industry will go up by 7.3 percent. For the federal class, market loss costs will decrease by 2.1 percent, with its assigned risk rates set to spike by 14.4 percent.

The coal mining industry will see some of the most dramatic rate changes though, with the surface coal mining class seeing voluntary market loss costs go up by nearly five percent and the assigned risk rates rising by 19 percent. Furthermore, the underground coal mining class will undergo 14.5 percent decrease in voluntary market loss costs and a nearly 4 percent drop in assigned risk rates.

The Richmond Personal Injury Lawyers with Geoff McDonald and Associates recognize the complexities of the Virginia Workers’ Compensation system and suggest discussing your legal rights with an attorney if you are preparing to file a claim or have a claim that has been denied in the past.

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Geoff McDonald & Associates, P.C. is committed to keeping up to date on important issues that affect the citizens of our region. Our blog covers topics such as developments in transportation and traffic, product recalls and safety notifications, workplace and employment matters and other information that is valuable to our clients and our community.